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US Job Growth Slowed in August; Bitcoin Gains

The report is one of the last major economic data points the Federal Reserve will see before its September monetary policy meeting.

Updated May 11, 2023, 3:54 p.m. Published Sep 2, 2022, 12:46 p.m.
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The U.S. added a robust 315,000 jobs in August, slightly more than expected but still revealing a slowdown in hiring amid rising interest rates and slowing economic growth.

Bitcoin (BTC) gained 0.8% in the minutes after the report was released. The weaker growth gives the Federal Reserve cover to refrain from more aggressive interest rate hikes at the U.S. central bank's next monetary policy meeting in September, relieving downward pressure on risky assets from stocks to cryptocurrencies.

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“Obviously we’re looking at how the Fed may or may not change their reaction function based off of this number,” said Path Trading Partners chief market strategist Bob Iaccino on CoinDesk TV. With the CME FedWatch Tool now showing a 64% chance of a 75 basis point rate hike at the next meeting, “it’s a little easier for markets and for crypto,” he said.

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Economists had forecast 300,000 added positions. But it's a stark decrease from the 528,000 jobs added by the U.S. economy in July.

The fresh data released by the Labor Department on Friday showed that hiring – a rebound after 22 million jobs lost during the coronavirus pandemic – is still strong but is slowly coming down; it might be a sign that changes in monetary policy by the Fed are starting to have an effect.

The unemployment rate, meanwhile, rose to 3.7% from 3.5%, indicating that large-scale layoffs by big companies are starting to weigh on workers. Wages increased 0.3% from the previous month.

Bitcoin was slightly up after the report. Traders anticipate the data could give the Federal Reserve green light in their aggressive fight to tame inflation by raising interest rates and making borrowing money significantly more expensive.

August’s Employment Situation report might be one of the most important data points this year because it is one of the last big economic reports considered before the Federal Open Market Committee’s (FOMC) next meeting on Sept. 21-22.

UPDATE (Sept. 2, 2022 13:28 UTC): Adds quote from Bob Iacchino.


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CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.

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Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.

  • Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
  • Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions. 
  • Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.

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